The World Bank's private-sector investment arm said in a disclosure it will make the investment via rupee-denominated debt. The IFC board will consider the proposed funding on February 26.

Jain Irrigation plans to spend $50 million over the next 12 months to expand operations in micro irrigation systems, plastic pipes, tissue culture, and solar products in India, IFC said.

IFC is an existing investor in Jain Irrigation. As of 31 December 2017, IFC held a 1.69% stake in the company.

Jain Irrigation has 30 factories across the globe. Its consolidated income for the nine months ended December 2017 was Rs 5,287.81 crore. It had orders worth Rs 4,025 crore in hand at the end of December.

In January, Anil Jain, vice-chairman and managing director at Jain Irrigation, told CNBC-TV18 that the company was planning to list its food business in the next financial year. Jain Farm Fresh Foods Ltd had raised $103 million from Singapore-based Mandala Capital in 2016, according to VCCEdge, the data intelligence platform of VCCircle.

IFC’s recent India investments include a plan to provide debt financing of up to $50 million to non-banking financial company Altico Capital India Ltd for affordable housing projects.

It also proposed to invest around $75 million through senior financing in L&T Housing Finance Ltd, a subsidiary of L&T Finance Holdings Ltd.